Talk Nation Radio
April 9, 2009
Ellen Hodgson Brown, escaping the global web of debt (Part Two)
We hear about the founding of a state bank, something that could help states become solvent. In part 1 we heard Ellen Hodgson Brown describe the success of the founders of North Dakota in establishing a non partisan state bank that is still functional and thriving. States could save on interest, use their own banks to borrow, invest, and manage state funds.
Program ends with full instrumental of the classic song: Brother Can you Spare a Dime by Sarah Nello
Produced by Dori Smith at WHUS, FM 91.7
Ellen Hodgson Brown discusses, Web of Debt, her book about the US Federal Reserve, the so called âMoney Trustâ, and global banking. Part one of our interview looks at definitions, what are derivatives? What went wrong with the global banking industry and how quickly can it be fixed?
Ellen Brownâs 2007 book, Web of Debt, outlined the state of global economic and banking systems, and explained that there simply wasnât enough money to bail out the banks from a massive derivatives default.
The book was a warning that when investors finally realized that the âinsuranceâ they purchased in the form of derivatives was worthless, they would jump ship and bring the whole shaky edifice crashing down. We also learn about the little known Bank for International Settlements, in Basil Switzerland, and the rules it has imposed on global markets such as the so-called, âmark to market rule.â
Finally we learn how North Dakota is an example for what all US states should do, start a state bank. North Dakota is solvent, well off in fact, while most US states are operating in the red. We could set up state banks in a matter of several months, and save enough on interest to bring all US states back into solvency. Ellen Hodgson Brown blogs about the global economic collapse at webofdebt.com.
Her articles on global finance and how to repair Americaâs banking system can also be found at www.globalresearch.ca. Her current pieces are: âTURNING THE TABLES ON WALL STREETâ, and âNORTH DAKOTA SHOWS CASH-STARVED STATESHOW THEY CAN CREATE THEIR OWN CREDITâ.
The US Federal Reserve said to be âextremely uncomfortable about the bailoutsâ according to JEANNINE AVERSA, Economics Writer for AP. She starts out:
âWhile acknowledging that the Federal Reserve was âextremely uncomfortableâ about last yearâs bailouts of big financial companies, Fed Chairman Ben Bernanke said Friday the central bankâs strategy to ease the financial crisis is working.
Bernanke was referring to the Fedâs unprecedented decisions last year to step in and financially back JPMorgan Chaseâs takeover of then-troubled investment house Bear Stearns and throw its first of four financial lifelines to insurance giant American International Group.â